Common myths regarding Social Security:
- Social Security is going bankrupt, going broke, in crisis; young people will never see a penny in benefits.
- Social Security’s trust funds are simply an accounting gimmick, worthless IOUs.
- Social Security is unsustainable. There just will not be enough working-age people to support retired boomers.
- Social Security is unfair to younger Americans.
TRUTH #1: As long as there are Americans who work, there is simply no way that Social Security can run out of money. Social Security has a dedicated revenue stream that is not going away. Its major source of income — $948 billion in 2019 (89% of its revenues) — comes from the contributions of workers and employers.
As long as there are workers, Social Security will continue to collect billions of dollars in income, week in and week out, for the next 75 years and beyond.
Congress has never failed to act to secure Social Security’s funding. It never will.
More truths here from MarketWatch.com: Don’t believe these Social Security myths – MarketWatch